Ocean West Holding Corp., Tustin, Calif., has announced an agreement between its subsidiary Ocean West Enterprises and Freedom Mortgage Corp. of New Jersey under which Ocean West will manage a new division of Freedom Mortgage.The holding company said the agreement will enable both Ocean West and Freedom Mortgage to increase originations by using the latter's warehouse lines, in return for which Ocean West will split the net profits of the new division with Freedom Mortgage. Freedom Mortgage has approximately $240 million in warehouse lending capacity. Ocean West, a mortgage banking company, can be found online at http://www.oceanwest.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28